A new GAO (Government Accountability Office) report is warning student loan borrowers against taking forbearance on student loans for any extended period of time. A forbearance agreement is way to postpone payments to avoid defaulting on student loans when borrowers are hit with a difficult financial situation. Forbearance is offered to borrowers in 36 consecutive month increments to keep their accounts in good standing. While this may sound like a heck of a deal, the catch is that student … [Read more...]
Archives for May 2018
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Recovering From Illness or Injury Impacts Finances
Many people that carry health insurance do so to protect themselves from the economic risks of a serious health event; however, a recent study shows that despite having health insurance, incidences of illness or injury can wreak havoc on the finances of Americans leading some to file for bankruptcy protection. In California for example, people between the ages of 25 and 64 are at an increased risk for bankruptcy following hospitalization. Even though many have health insurance to help cover … [Read more...]
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